PROLOGIS, the world's industrial property largest owner has closed on a RMB 723 million ($US105.8 million) financing with a syndicate of four banks, comprising Bank of America, RBOS/ABN AMRO, Sumitomo Mitsui and Bank of China.
Proceeds will be used to refinance the company’s global line of credit, which was scheduled for maturity in May 2009, and for general corporate purposes.
ProLogis’ chief financial officer Bill Sullivan said the company outlined an action plan, including re-financing and/or renegotiating debt maturities on its balance sheet and in its property funds.
In addition, ProLogis is also scaling down activity by halting new development starts and shrinking the development pipeline and will de-leveraged its balance sheet.
Australian Property Journal
